“It is exciting to celebrate this pivotal first step in the
revitalization of downtown Columbia”

Project amenities include the largest resident clubhouse in Columbia; a
fitness center with studio; media and game rooms; a catering kitchen
with a dining area flowing out to an active courtyard featuring an
outdoor screening room; an all-season kitchen with built-in grills and
bar; and a pool with submerged seating and cabanas. The project also
includes the development of a 28,500-square-foot public promenade with a
6,000-square-foot children’s play area, creating a local gathering place.

“It is exciting to celebrate this pivotal first step in the
revitalization of downtown Columbia,” said John E. DeWolf, Senior Vice
President of Development for The Howard Hughes Corporation. “This
milestone has been highly anticipated by everyone in the community,
especially those who have invested significant time and effort in the
planning process.”

The 2010 Downtown Columbia Plan allows for up to 13 million square feet
of new density comprised of 5,500 residential units, 4.3 million square
feet of office, 1.25 million square feet of retail and up to 640 hotel
rooms. The plan also includes a new multi-model transportation system
and the redevelopment of Merriweather Post Pavilion concert venue.

The Howard Hughes Corporation is partnering with Kettler, of McLean, VA,
and Orchard Development Corporation of Ellicott City, MD. Kettler is
ranked among the top multifamily developers in the nation and is one of
the largest private companies in the Washington Metro Area. Kettler’s
multi-family development experience includes The Millennium at
Metropolitan Park, The Gramercy at Metropolitan Park in Pentagon City,
The Metropolitan at Reston Town Center and The Metropolitan at Village
at Leesburg. The firm has developed or acquired/renovated more than
21,000 multifamily units in 85 projects throughout the Washington Metro
area.

“Our partnership with The Howard Hughes Corporation is a significant
opportunity for us,” said Chairman Robert C. Kettler. “The project in
downtown Columbia allows us to parlay our extensive multifamily
experience into this important and high quality addition to Columbia.”

Orchard Development is a multifamily developer, owner, and manager, and
has developed land for more than 6,500 residential units in four states
and Washington, DC.

About The Howard Hughes Corporation

The Howard Hughes Corporation owns, manages and develops commercial,
residential and mixed-use real estate throughout the country. The
company's properties include master planned communities, operating
properties, development opportunities and other unique assets spanning
18 states from New York to Hawaii. For more information on the company,
visit www.howardhughes.com.

About KETTLER

Founded in 1977, Kettler develops planned communities, apartments,
condominiums, and mixed-use projects. Headquartered in McLean, Va.,
Kettler is also among the top multifamily housing developers in the
nation. The company has developed or acquired/renovated more than 21,000
multifamily units and their history as the leading planned community
developer in the Mid-Atlantic includes the planning, zoning, design
and/or development of nearly 46,000 lots in 25 planned communities.
Kettler has six multifamily projects in various stages of development,
which consist of nearly 1,700 apartments throughout Washington, DC,
Maryland and Virginia. Kettler Management manages more than 18,000
apartments in 85 communities from New Jersey to North Carolina for
Kettler and 3rd party clients. The company will add over
6,000 apartment units to its portfolio by 2014. For more information,
visit www.kettler.com.

About Orchard Development Corporation

Founded in 1979 by local developer Earl Armiger, Orchard Development
Corporation has developed land for more than 6,500 residential units in
four states and Washington, D.C., initially specializing in planned
communities and garden apartments. In recent years, the company has
concentrated on adaptive re-use, infill and revitalization development.
The breadth of Orchard Development’s work extends from student housing
to senior communities, from luxury to affordable rental apartments, and
mixed-income communities to community revitalization. Additionally, with
sister company, Armiger Management, Orchard Development provides
management services to each of their properties. For more information,
visit www.orcharddevelopment.com.

Safe Harbor Statement

Statements made in this press release that are not historical facts,
including statements accompanied by words such as “will,” “believe,”
“expect,” “enables,” “realize,” “plan,” “intend,” “transform” and other
words of similar expression, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based on management’s expectations, estimates,
assumptions and projections as of the date of this release and are not
guarantees of future performance. Actual results may differ materially
from those expressed or implied in these statements. Factors that could
cause actual results to differ materially are set forth as risk factors
in The Howard Hughes Corporation’s filings with the Securities and
Exchange Commission, including its Quarterly and Annual Reports. The
Howard Hughes Corporation cautions you not to place undue reliance on
the forward-looking statements contained in this release. The Howard
Hughes Corporation does not undertake any obligation to publicly update
or revise any forward-looking statements to reflect future events,
information or circumstances that arise after the date of this release.